Americans pay 300% more for this prostate cancer drug than much of the rest of the world

(MarketWatch) A cancer drug that costs $129,000 a year—more than three times the price in Japan and Sweden and four times the cost in Canada—has become the latest subject of public and congressional scrutiny, as 12 representatives joined nonprofits to call for a public hearing on the drug’s price.

Xtandi, a prostate cancer drug co-licenced by Japan’s Astellas Pharma Inc. 4503, -1.24% and Medivation Inc. MDVN, +1.00% was developed at a U.S. university with grants funded by taxpayer dollars. That gives the federal government the right to revoke the patent if the terms are unreasonable, said the letter, dated Monday.

“We do not think that charging U.S. residents more than anyone else in the world meets the obligation to make the invention available to U.S. residents on reasonable terms,” said the letter, which had Sen. and presidential candidate Bernie Sanders, Sen. Elizabeth Warren and Rep. Elijah Cummings among its signatories. ................(more)

http://www.marketwatch.com/story/are-americans-being-ripped-off-by-medivations-129000-cancer-drug-2016-03-29